Daily Pivots: (S1) 1.1141; (P) 1.1230; (R1) 1.1284; More…..
EUR/USD recovers notably after hitting 1.1176. But with 1.1285 minor resistance intact, and 4 hour MACD staying below signal line, intraday bias stays on the downside for deeper decline. Prior break of 1.1215 low indicates resumption of whole down trend from 1.2555. Further fall should be seen to 100% projection of 1.1814 to 1.1215 from 1.1569 at 1.0970 next. On the upside, above 1.1285 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 1.1419 resistance holds.
In the bigger picture, down trend down trend from 1.2555 medium term top is still in progress. 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 is also met. Sustained break there will pave the way to retest 1.0339. However, break of 1.1569 resistance will now indicate completion of such down trend and turn medium term outlook bullish.
